However, the court later released all of them on abail and bond of Rs 15,000 each.

Additional Sessions Judge Rashmi Agrawal convictedthem under various sections of the Prevention of CorruptionAct and IPC.

The accused were with the Sehore District CentralCooperative Bank and committed financial irregularities in thedisbursement of funds under Apna Ghar Banao'' scheme overeight years ago, according to the prosecution.

Saxena was the Chairman of the bank at the time ofmisappropriation of funds. On the basis of a complaint andsubsequent investigation, the EOW arrested them in 2003. Theywere later released on bail.

Soon after being found guilty by the court, Saxena andothers moved their bail applications, which were accepted. Theconvicts said they will challenge the sentence in the MP HighCourt.